Dubai, UAE – Sav, the fintech company specializing in personal savings management, has announced its receipt of preliminary approval from the Dubai Financial Services Authority (DFSA) for Category Four. This approval is a significant step towards obtaining a full license, enabling the company to offer regulated financial services, including money transfer, financial advisory, and arrangement of investment and credit-related deals under official supervision.
Sav: An Advanced Fintech Platform Solving Financial Complexities
Purvi Munot, Co-Founder and CEO of Sav, expressed her satisfaction with this critical milestone, stating: “Receiving preliminary approval from the DFSA strengthens our ability to provide comprehensive financial solutions for high-income earners in the UAE. This segment faces significant challenges in managing their finances, often distributed across multiple platforms, leading to delays in making crucial financial decisions. Through Sav, we aim to simplify these processes and consolidate various financial services into a single platform, helping users eliminate debt and enhance their financial literacy for more effective money management.”
Sav’s Current Services and Future Expansions
Currently, Sav offers personal savings management services, along with a prepaid card that rewards users for their spending. With the final license from the DFSA, the company plans to expand its offerings to include investment and debt management services, positioning itself as a key player in the UAE’s fintech market.
Commitment to Providing Sustainable Value
Mithil Ajmera, Co-Founder and COO of Sav, commented: “We are committed to developing a sustainable business model that continuously adds value to our users and stakeholders. Our goal is to be among the leading fintech companies globally, backed by our high standards of management and quality.”
International Support and Global Recognition
Sav is distinguished by its integration of artificial intelligence (AI) technologies into its financial solutions. The company was selected by Google as one of the top 10 AI-driven companies led by women in the Middle East and North Africa region. Additionally, Sav has received support from Sanabil Investments and 500 Global in Saudi Arabia, and is a graduate of the Mohammed bin Rashid Innovation Fund, backed by the UAE Ministry of Finance.
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